The founder of the men's magazine has reportedly been told he cannot personally host the events, such as the recent Midsummer Night's Dream party, as the company are attempting to cut back on costs.

A source said: "Playboy Enterprises has decided that the party just gone and the upcoming annual Halloween party will be the last that Hugh throws."

However, revelers eager to see inside Hugh's infamous Los Angeles mansion may still have an opportunity to do so, as the mansion is set to be rented out for private functions.

A representative refused to confirm the rumors, adding: "Who knows what will happen in a year from now?"

The Midsummer Night's Dream party on Saturday (August 10, 2008) saw "The Bank Job" star Jason Statham escorted off the premises by five security guards after he refused to pose for pictures with models.

A source said: "It was rough!"